Pure Gold Jewellers posts 58% increase in sales, ventures into real estate

As the year came to an end, company executives say that they have entered the new year with great confidence. According to experts, the most significant growth rate this year was in the diamond jewellery.

Firoz Merchant, Founder and Chairman of Pure Gold Jewellers said "We are well on target toward our goal of operating 100 stores by 2010, reaching our planned 60 stores this past year. We also launched new multiple stores in Kuwait last year. Our customers are not showing any signs of slowing down their purchases, especially during the festive seasons when jewellery is bought as gifts for loved ones. We have entered the new year with an extremely positive outlook. We look forward to continuing this trend and expanding our operations to the Far East in the near future."

Pure Gold Jewellers has disclosed its plan to initiate major projects in the UAE by the year's end. The jewellers have planned to open a luxury sunglasses boutique under the name "La Moda," which will open its 1st store in the new luxury five-star Westin Hotel in the UAE beginning in March. Fifteen more boutiques are expected throughout the year. The company will also soon launch "Pure Gold Properties," which will be their first premium real estate development venture in one of the premium master development communities in Dubai.

The projects are reported to be worth more than Dhs1bn and will include 10 new property developments. The first property will be launched before the end of the 1st quarter of 2008 and will be completed by the summer of 2009.

Managing Director of Pure Gold Jewellers, Karim Merchant, said "Our strategy for this year is straightforward: We will open more stores in the UAE and GCC and will focus our efforts on continuously improving our best customer service, competitive pricing, and quality jewellery collections. We value and respect our customers and it is our goal to supply them with the highest quality service available, while meeting their aesthetic and pricing requirements as well."

Firoz Merchant, Founder and Chairman of Pure Gold Jewellers added "We would like to thank the ruler of this country and its leaders for their inspiring vision and support to the business community. It is because of this that Pure Gold Jewellers has had tremendous success in the past."

With the Eid, Diwali and Christmas festivities all falling into the last quarter this year, it is no surprise that jewellery sales increased dramatically. Over the past ten years, Dubai - UAE, has become an important hub for jewellery trading, especially during the festive seasons.

Pure Gold Jewellers is a leader in the region's local and international jewellery retailing sector. It is now one of the fastest growing jewellery houses in the UAE, with 60 stores, and also caters to customers in neighboring GCC countries in Kuwait, Oman and Bahrain. Pure Gold Jewellers won in 2007 the "Best Service Performance Outlet," awarded by the Department of Economic Development.